Ericsson case: Anil Ambani held guilty of contempt, to be jailed if he fails to pay Rs 453 crore in 4 weeks

Ericsson case: Anil Ambani held guilty of contempt, to be jailed if he fails to pay Rs 453 crore in 4 weeks

The Supreme Court on Wednesday held Anil Ambani guilty of contempt in Ericsson case. The court directed Anil Ambani to pay dues of Rs 453 crore in four weeks. The court also directed that if he fails to pay his dues in 4 weeks, he will be sentenced to undergo three months imprisonment.

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Ericsson case Anil Ambani held guilty of contempt, to be jailed if he fails to pay Rs 453 crore in 4 weeks

The court also imposed a fine of Rs 1 crore on RCom, Reliance Telecom Ltd and Reliance Infratel Ltd - in the case. An amount of Rs 118 crores is already submitted to the registry. The court directed to release this amount immediately.

Ericsson case Anil Ambani held guilty of contempt, to be jailed if he fails to pay Rs 453 crore in 4 weeks

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The Swedish telecom equipment maker Ericsson filed a complaint against Reliance Communications for not paying dues. The Supreme Court identified that RCom had “willfully” not paid Ericsson the due amount.

Ericsson case Anil Ambani held guilty of contempt, to be jailed if he fails to pay Rs 453 crore in 4 weeks

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Ericsson India had alleged that the Reliance Group has invested in Rafale jet deal, but didn’t clear the dues of Rs 550 crore.  The Reliance Company denied the charge.

- PTC NEWS